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You should have dropped out.
That is debatable. And it think being able to see a project through the end is much more important
When the goal of that project is to get a great job, it doesn't make sense to turn your back on a great job to go back and finish your project and then go out again and try to get another great job. He always could have returned and finished out his last year if needed holding his head high knowing he took his shot at something awesome.

Anyone can apply and go to college, not everyone given a real opportunity to shine.

Not anyone can go to college and experience a college life -- generally people returning after years do not.

If someone has true ability/talent such that they're given an opportunity to shine, they'll be given opportunities to shine again.

That's not right. Just because there's a startup boom now and plenty of people without degrees can get hired doesn't mean it will always be so. The very existence of any given startup is a fragile one, and all the larger size employers have a STRONG preference for educated applicants.
Either other schools have terrible CS programs, or I'm in the minority of people who really enjoyed all my CS classes. I thought learning the ins and outs of how a computer worked was a big thrill. I always wanted to know how a bunch of transistors could turn into a complex processor. How networking worked. Most of my classes are still relevant to me today. Being able to understand data structure. The laws behind optimizing branching logic. Everything I took was either very helpful in becoming a well balanced programmer, or was so interesting that I didn't care if it was relevant or not. It worries me that there's a trend of people just wanting to know the basics of what they need to know to build apps, and not the fundamentals of computing.
Let me speak to you as someone with some hindsight on this issue. I'm going to be 40 in November. I am in my final weeks of my final class of a Business Management track. On August 19th I will finish school. I started college in 1992. And it has been on-again off-again... for many years. Absolutely no regrets about not going straight through.

My only regret is the major I picked. If I had it to do all over again, I would have done Computer Science, and learned how to program.

Along the way, I had many opportunities like the one you're being presented with, to work in SF for that company. I took them. It has led to a successful career. I'm currently in Europe for my employer... third such trip.

Personally, I think you are making a HUGE mistake in not taking the offer from the company. MASSIVE.

A quote attributed to Mark Twain... "Don't let schooling interfere with your education." and I think he was SPOT ON.

Your greatest education isn't going to come from the halls of a school/university. It will come from getting your hands dirty (so to speak) in your vocation.

And with the right experience, which I'm guessing you'd get at this firm... a degree matters even less and less.

I think you should reconsider. Seriously.

In any case, it's your decision, and I wish you well. If you have any questions, and want to talk more... feel free to drop me a line. My user at G mail.